Microsemi Corporation Announces That its Revised Proposal to Acquire PMC-Sierra, Inc. Has Been Deemed a "Superior Proposal" by PMC-Sierra Board of Directors
ALISO VIEJO, Calif. - Microsemi Corporation (Nasdaq: MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, announced that it was informed last night that its revised proposal to acquire PMC-Sierra, Inc. (Nasdaq: PMCS) in a cash and stock transaction constitutes a "Superior Proposal" under the terms of PMC's merger agreement with Skyworks Solutions, Inc. (Nasdaq: SWKS).
Under the terms of the Microsemi revised proposal, PMC shareholders will receive $9.22 in cash and 0.0771x of a share of Microsemi common stock for each share of PMC common stock held at the close of the transaction. Microsemi was informed that the PMC-Sierra board has given written notice to Skyworks of its intent to approve or recommend the Microsemi proposal. As a result, PMC-Sierra will be entitled to terminate the merger agreement if Skyworks does not make, within three business days following the receipt of the notice, a binding, written and complete proposal that would cause the proposal received from Microsemi to no longer constitute a "Superior Proposal."
About Microsemi
Microsemi Corporation (Nasdaq: MSCC) offers a comprehensive portfolio of semiconductor and system solutions for communications, defense security, aerospace and industrial markets. Products include high-performance and radiation-hardened analog mixed-signal integrated circuits, FPGAs, SoCs and ASICs; power management products; timing and synchronization devices and precise time solutions, setting the world's standard for time; voice processing devices; RF solutions; discrete components; security technologies and scalable anti-tamper products; Ethernet solutions; Power-over-Ethernet ICs and midspans; as well as custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, Calif., and has approximately 3,600 employees globally.
SOURCE Microsemi Corporation
CONTACT: FINANCIAL, John W. Hohener, Executive Vice President and CFO, Phone: (949) 380-6100; or INVESTOR, Robert C. Adams, Vice President of Corporate Development, Phone: (949) 380-6100
Web Site: http://www.microsemi.com Â
